Income Tax - Penalties - Circumstances, Procedures and Relief - 12 - CASH CREDITS [Section:- 68] Where any sum is found credited in the books of the assessee maintained for any previous year, and the assessee offers no explanation about the nature an .....

m is first credited). Provided that where the assessee is a company, (not being a public company) and the sum so credited consists of share application money, share capital, share premium or any such amount by whatever name called, any explanation of .....

redited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is .....

are not recorded in the books of account, if any, maintained by him, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not satisfactory in the opinion of the Assessing Officer, .....